Last week, we released our 2025 Digital Assets Report, breaking down the structural developments and trends shaping the crypto ecosystem from institutional adoption and regulatory breakthroughs to onchain expansion. Building on the momentum 2025 set into motion, this issue of State of the Network highlights several key areas to watch going into 2026. The crypto investment universe continues to expand, but capital is becoming increasingly selective. Competition for liquidity now spans not only a growing number of tokens, but also crypto equities tied to digital asset businesses and tokenized stocks bringing equities ... (full story)